Morning Copper Market Report

The copper market put together a moderate recovery this morning this but remains close to the lows of the prior three trading sessions. Some traders may have been a little discouraged by the dialogue flowing from the Fed Chairman Bernanke yesterday, which might increase the importance of the US payroll results today. While world equity markets overnight were able to turn Chinese and Euro zone sentiment readings into a positive, the copper market enters the US payroll window sitting roughly 14 cents below the recent highs. Copper may have been pressured overnight by news that Shanghai weekly copper stocks posted a large build of 48,246 tons, as that report could have fostered concern that Chinese demand for copper has remained soft. Another development that might be holding back copper prices this morning is the news that Peru's December copper output rose by almost 6.5% over the prior December's totals.

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